43-40 Union St Unit 2D · New York, NY 11355

$398,000

2 bd · 1.0 ba · 900 sqft · Condo · 4 Days on market

Built 1954

---

Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +8.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.5/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0

Listing remarks MLS

, Additional information: Appearance:Good

Key facts

• Built 1954
• Listed 3 days

Property features AI

Exterior

• Parking: Other parking features; No carport
• Utilities: Sewer: Other; Utilities: See remarks
• Home design: Stock cooperative
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Cooktop; Refrigerator
• Bedrooms: Entry level bedroom(s) on level 2
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Steam heating; Other heating; No cooling
• Interior features: Other interior features
• Laundry & utility: Washer/dryer info not provided

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $398k.

Deal economics

• At list price, monthly cash flow is $-402 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $340k (14.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $297k (25.3% below list).
• Recommended offer: $297k (25.3% below list) — sets the bar for 1% rule.
• Cap rate 5.1% vs local median 2.6% in New York — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#268 in NY, #4,188 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: crime F, cost of living F.
• Market conditions: Rents rising (+3.9%/yr); 407 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $2,973/mo this rent would consume 64% of the median local household income ($55k/yr) (locally 6765% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $7k of equity ($3k loan paydown + $4k appreciation (1.1% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 17y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $218k; list at $398k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $297,295 (25.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.75% ✗
• Cap rate: 5.08%
• Cash-on-cash: -4.33%
• DSCR: 0.81
• GRM: 11.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.09% appreciation · 3.93% rent growth · sell at horizon

5-year hold

• IRR: -2.4%
• Equity multiple: 0.88×
• Total profit: $-13,565
• Equity at exit: $137,715

10-year hold

• IRR: 3.1%
• Equity multiple: 1.40×
• Total profit: $44,035
• Equity at exit: $184,446

Cash invested: $111,440 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City New York: 0 Strongly Tenant-Friendly · D+34

Rent Stabilization Code; HSTPA; 6+ months in housing court.

Methodology + full state rankings →

ZIP-level market 11355

• Home prices YoY: 0.4%
• Rents YoY: 3.9%
• Active inventory: 407
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $2,973 high
• Mortgage (P&I): −$2,087
• Tax est. 1.5%: −$498 /mo · $5,970/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$624
• Net cashflow: $-402

Break-even live

Break-even rent $3,482

Max offer price $339,850

Occupancy floor —

Sensitivity live

Price	-10% $-127	-5% $-264	+0% $-402	+5% $-539	+10% $-677
Rent	-10% $-637	-5% $-519	+0% $-402	+5% $-284	+10% $-167
Rate	-1.0pp $-201	-0.5pp $-301	base $-402	+0.5pp $-505	+1.0pp $-610

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $99,500
• Closing costs: $11,940
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4229 Parsons Blvd Unit 6B Flushing, NY	3.0	2.0	860	$3,400	$3.95	25d	1	0.37mi
13618 Maple Ave Unit 5B Flushing, NY	2.0	2.0	836	$3,490	$4.17	25d	1	0.37mi
14427 Sanford Ave Unit 7G Flushing, NY	2.0	1.0	655	$3,500	$5.34	25d	1	0.45mi
133-38 Avery Ave Unit 3F-B Flushing, NY	2.0	2.0	884	$2,600	$2.94	25d	1	0.49mi
142-23 Booth Memorial Ave Unit 1 Flushing, NY	3.0	1.0	1064	$3,200	$3.01	6d	1	0.50mi
13239 Pople Ave Unit 6D Flushing, NY	1.0	1.0	750	$2,500	$3.33	5d	1	0.54mi
13226 Avery Ave Unit 8A Flushing, NY	2.0	2.0	725	$2,800	$3.86	5d	1	0.55mi
133-08 41st Rd Flushing, NY	2.0	1.0	700	$2,300	$3.29	25d	1	0.57mi
13208 Pople Ave Unit 4A Flushing, NY	1.0	1.0	650	$2,500	$3.85	25d	1	0.59mi
4156 149th St Flushing, NY	3.0	1.0	1000	$3,000	$3.00	25d	1	0.60mi
14731 Barclay Ave Flushing, NY	2.0	1.0	900	$2,500	$2.78	25d	1	0.61mi
13222 41st Rd #501 Flushing, NY	2.0	2.0	843	$3,400	$4.03	25d	1	0.64mi
13203 Sanford Ave Unit 7E Flushing, NY	2.0	2.0	702	$2,800	$3.99	25d	1	0.64mi
13835 39th Ave Flushing, NY	2.0–3.0	2.0	1000	$4,500	$4.50	3d	2	0.67mi
13835 39th Ave Flushing, NY	2.0	2.0	1014	$4,350	$4.29	25d	2	0.67mi
4142 College Point Blvd Unit 6A Flushing, NY	2.0	2.0	868	$3,000	$3.46	3d	1	0.67mi
149-08 41st Ave Unit 3rd Floor Flushing, NY	1.0	1.0	675	$1,850	$2.74	20d	1	0.68mi
150-32 Booth Memorial Ave Unit 1st FL Flushing, NY	3.0	2.0	1080	$3,350	$3.10	18d	1	0.69mi
4105 College Point Blvd Unit 5I Flushing, NY	2.0	2.0	600	$2,600	$4.33	5d	1	0.69mi
3916 Prince St Flushing, NY	1.0	1.0	530	$2,900	$5.47	16d	2	0.71mi
13119 Fowler Ave Unit 7C Flushing, NY	2.0	2.0	810	$3,300	$4.07	20d	1	0.71mi
14238 37th Ave Unit 4C Flushing, NY	2.0	2.0	820	$2,800	$3.41	25d	1	0.71mi
40-10 149th St Fl 1 Flushing, NY	2.0	1.0	900	$2,200	$2.44	16d	1	0.71mi
40-10 149th St Fl 3 Flushing, NY	3.0	2.0	1030	$2,900	$2.82	14d	1	0.71mi
14424 37th Ave Unit 5B Flushing, NY	2.0	1.0	560	$2,800	$5.00	25d	1	0.73mi
43-12 157th St Unit 2 Flushing, NY	3.0	1.5	1100	$3,200	$2.91	25d	1	0.73mi
13675 37th Ave Unit 3H Flushing, NY	1.0	1.0	750	$3,500	$4.67	0d	1	0.75mi
14489 38th Ave Unit 4C Flushing, NY	1.0	1.0	790	$2,400	$3.04	25d	1	0.75mi
3641 Union St Unit 2B Flushing, NY	2.0	1.0	968	$3,100	$3.20	25d	1	0.76mi
36-20 Parsons Blvd Unit 5D Flushing, NY	2.0	1.0	900	$2,600	$2.89	16d	1	0.77mi
4022 College Point Blvd Flushing, NY	1.0–2.0	1.0–2.0	983	$4,000	$4.07	25d	2	0.78mi
13101 40th Rd Unit 2P Flushing, NY	1.0	1.0	761	$3,300	$4.34	25d	1	0.79mi
4028 College Point Blvd #912 Flushing, NY	2.0	2.0	1083	$4,200	$3.88	25d	1	0.79mi
13327 39th Ave Unit 3N Flushing, NY	1.0	1.0	720	$3,600	$5.00	25d	1	0.80mi
13812 Northern Blvd Unit 7F Flushing, NY	1.0	1.0	600	$2,500	$4.17	13d	1	0.83mi
137-02 Northern Blvd Unit 2F Flushing, NY	1.0	1.0	800	$2,550	$3.19	0d	1	0.83mi
137-02 Northern Blvd Unit 6K Flushing, NY	2.0	1.0	900	$2,850	$3.17	12d	1	0.83mi
13105 40th Rd Flushing, NY	1.0	1.0	626	$3,350	$5.35	20d	3	0.84mi
13105 40th Rd Flushing, NY	2.0	1.0–2.0	762	$4,500	$5.90	4d	3	0.84mi
141-25 Northern Blvd Unit A14 Flushing, NY	1.0	1.0	880	$2,350	$2.67	12d	1	0.85mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-21
   days on market $398,000 Active 4 DOM
2. 2026-06-17
   pricedays on marketlisting id $398,000 Active 1 DOM
3. 2026-06-17
   days on market $405,000 Active 89 DOM
4. 2026-06-15
   days on market $405,000 Active 87 DOM
5. 2026-06-13
   days on market $405,000 Active 85 DOM
6. 2026-06-10
   days on market $405,000 Active 81 DOM
7. 2026-06-08
   days on market $405,000 Active 80 DOM
8. 2026-06-08
   days on market $405,000 Active 79 DOM
9. 2026-06-04
   days on market $405,000 Active 76 DOM
10. 2026-06-03
    days on market $405,000 Active 75 DOM
11. 2026-06-01
    days on market $405,000 Active 73 DOM
12. 2026-05-31
    days on market $405,000 Active 72 DOM
13. 2026-03-20
    listed $405,000 Active
14. 2014-12-23
    soldstatus $218,000 Closed

    Show marketing remark (41 chars)

    , Additional information: Appearance:Good

15. 2014-12-23
    soldstatus $218,000 41-char remark

    Show marketing remark (41 chars)

    , Additional information: Appearance:Good

16. 2014-08-11
    status Under Contract
17. 2014-05-20
    listed $215,000 New

    Show marketing remark (41 chars)

    , Additional information: Appearance:Good

18. 2014-05-20
    listed $215,000 41-char remark

    Show marketing remark (41 chars)

    , Additional information: Appearance:Good

19. 2011-05-19
    historical
20. 2010-12-21
    status
21. 2009-11-12
    historical Under Contract
22. 2009-09-26
    price $239,000 Price Change
23. 2009-05-23
    listed $259,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,675
• − Mortgage interest: −$22,294
• − Property taxes: −$5,970
• − Insurance: −$1,990
• − Repairs & maintenance: −$2,854
• − Management: −$2,854
• − Depreciation: −$11,578
• Taxable loss: −$11,865
• Est. tax savings @ 24.0%: +$2,848
• After-tax cash flow: $-1,975/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

No district data.

Livability — New York

• Score: 75/100
• State rank: #268
• US rank: #4188

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A- Housing C+ Health & safety A User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New York, NY
• County: Queens County · 1,914,869 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 80,801
• Household income: $55,326
• Rent vs Own: 66.6% rent · 33.4% own
• Severe rent burden: 6765.0

Population outlook (Queens County) Hauer SSP2

• Today (2025): 2,546,320 people
• By 2030: 2,643,059 · +3.8%
• By 2040: 2,815,563 · +10.6%
• By 2050: 2,944,423 · +15.6%
• By 2075: 3,123,338 · +22.7%
• By 2100: 3,098,688 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Asian (75%)
• Race & ethnicity: Asian 75% Hispanic / Latino 14% White 7% Two or more races 4% Black 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Dominican 2%
• Common ancestry: Scotch-Irish 1%
• Foreign-born: 72% · China, Canada, South Korea
• Languages at home: 16% English-only · Chinese 58% Spanish 12% Other Indo-European 6%

Political lean MEDSL · Queens

• 2024 margin: Strong D (+24.6) · D 62.3% · R 37.7%
• 2008→2024 swing: -26.2pp toward R · 2008: 50.8pp · 2024: 24.6pp
• All cycles: 2024: D+24.6 2020: D+45.2 2016: D+53.4 2012: D+58.5 2008: D+50.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.09%
• Current HPI: 253.1482
• Rent YoY: ▲ 3.93%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+56.4% since first listed

11 events — show timeline

• 2026-03-20 Listed $405,000 OneKey® MLS as Distributed by MLS Grid
• 2014-12-23 Sold (MLS) $218,000 OneKey® MLS as Distributed by MLS Grid
• 2014-12-23 Sold (MLS) $218,000 MLSLI
• 2014-08-11 Pending — MLSLI
• 2014-05-20 Listed $215,000 MLSLI
• 2014-05-20 Listed $215,000 OneKey® MLS as Distributed by MLS Grid
• 2011-05-19 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2010-12-21 Pending — OneKey® MLS as Distributed by MLS Grid
• 2009-11-12 Contingent — OneKey® MLS as Distributed by MLS Grid
• 2009-09-26 Price Changed $239,000 OneKey® MLS as Distributed by MLS Grid
• 2009-05-23 Listed $259,000 OneKey® MLS as Distributed by MLS Grid